Keppel Land: Signed a conditional agreement with Takashimaya Singapore Ltd, a subsidiary of Takashimaya Co, to pre-commit approx 15k sqm of retail space across 5 floors of Saigon Centre Phase 2. With Takashimaya coming onboard as anchor tenant, about 30% of the total retail area is pre-leased ahead of the expected completion in 2015.
Toshin Development Co., Ltd, the real estate subsidiary of Takashimaya Co., has also entered into a share-purchase agreement with Keppel Land to hold 22.7% stake in Saigon Centre Phase 2. Co will sell 33.4% stake (8.2m share)s in Saigon Centre Invt which holds a 68% interest in Saigon Centre to Toshin for approx US$23m
Keppel Land will also jointly establish a 50:50 retail management co with Toshin's subsidiary to provide retail management services for co’s projects in Vietnam. Toshin’s expertise and skills in retail mall development will ensure that we continue to adopt best-in-class approach that will ensure operational excellence at Saigon Centre.
Saigon Centre is located at the heart of Ho Chi Minh City's CBD, upon completion in 2015, will be 45 storeys with 7 lvls of retail and dining (50k sqm), with 40k sqm of Grade A office space and over 200 units of serviced apts. KepLand trades at 0.9x P/B.